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Europa Oil & Gas to Raise Up to GBP7 Mln for North Sea Farm In

By Anthony O. Goriainoff

Europa Oil & Gas (Holdings) PLC said late Wednesday that it would raise up to 7 million pounds ($9.3 million) via a discounted placing and a subscription via a PrimaryBid offer, and that it would use the proceeds to fund an acquisition.

The London-listed energy company said it will buy a farm in of UKCS Block 13/23c--known as Serenity--which is located in the North Sea. The company said it will acquire a 25% non-operated working interest in the block's sub-area by funding a 46.25% paying interest for one appraisal well on the field, and that i3 Energy PLC will retain a 75% operated working interest in the block.

The company said it will conditionally issue shares for subscription via the PrimaryBid platform at an issue price of 1.8 pence a share, representing a 43% discount to Tuesday's closing price of 3.15 pence a share, and a 22% discount to the 30-day volume-weighted average price on March 2.

The company said that Tennyson Securities--a trading name of Shard Capital Partners LLP--and Turner Pope Investments Ltd. were joint bookrunners of the placing.

The company said it intends to start drilling Serenity during 2022 at a gross cost of GBP14 million.

Write to Anthony O. Goriainoff at
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